List the steps in the accounting cycle?
The entire accounting cycle can be summed up in eight basic steps: 1) Write up transactions in the daily journals. 2) Post journal entries to the appropriate ledgers. 3) Prepare a trial balance of all general ledger accounts. 4) Create your working trial balance, complete with adjusting entries. 5) Enter those adjusting entries into the general journal and post them to the general ledger. 6) Prepare your financial statements. 7) Close out your temporary accounts. 8) Create a postclosing trial balance. The last five steps have to do with end-of-period wrap-up. Those steps are designed to give you financial statements to analyze and a clean accounting slate to go forward. Then the accounting cycle begins all over.
More questions about accounting. This is the last time I am asking for help. I am just bad at quizzes?
This is far too much for 1 question. You should break this up into 10-point worthy questions, I would say, maximum 4 questions each time, certainly not 55.
Which one of the following statements concerning the accounting cycle is incorrect?
The accounting cycle includes only one optional step. The accounting cycle begins with the analysis of transactions recorded on source documents such as invoices and checks; it ends with the completion of a post-closing trial balance. This cycle consists of the following steps: 1. Analyze and journalize transactions. 2. Post the journal entries to the general ledger accounts. 3. Prepare a trial balance. 4. Journalize and post the adjusting entries. 5. Prepare an adjusted trial balance. 6. Prepare financial statements. 7. Journalize and post the closing entries. 8. Prepare a post-closing trial balance.